Effective June 1, 2019, we realigned certain businesses and management structure to recognize how we allocate resources and analyze the operating performance of our businesses. Among other things, the realignment of certain businesses occurred as a result of the 2020 MAP to Growth that was approved and initiated between May and August 2018. As we began to execute on our operating improvement initiatives, we identified ways to realign certain businesses, and concluded that moving to an expanded reporting structure could help us to better manage our assets and improve synergies across the enterprise.

This realignment changed our reportable segments beginning with our first quarter of fiscal 2020. As such we now report under four reportable segments instead of our three previous reportable segments. Our four reporting segments are: the CPG reportable segment, PCG reportable segment, Consumer reportable segment and SPG reportable segment. In connection with the realignment, we shifted our Kirker business out of Consumer into SPG, and also shifted our Dryvit and Nudura businesses out of SPG into CPG. The newly formed CPG also includes our Tremco, Tremco illbruck, Euclid Chemical, Viapol, Vandex and Flowcrete businesses. PCG includes Stonhard, Carboline, USL and Fibergrate businesses, while Consumer comprises the Rust-Oleum and DAP businesses.

We operate a portfolio of businesses and product lines that manufacture and sell a variety of specialty paints, protective coatings and roofing systems, sealants and adhesives. We manage our portfolio by organizing our businesses and product lines into four reportable segments as outlined above, which also represent our operating segments. Within each operating segment, we manage product lines and businesses which generally address common markets, share similar economic characteristics, utilize similar technologies and can share manufacturing or distribution capabilities. Our four operating segments represent components of our business for which separate financial information is available that is utilized on a regular basis by our chief operating decision maker in determining how to allocate the assets of the company and evaluate performance. These four operating segments are each managed by an operating segment manager, who is responsible for the day-to-day operating decisions and performance evaluation of the operating segment’s underlying businesses. We evaluate the profit performance of our segments primarily based on income before income taxes, but also look to earnings (loss) before interest and taxes (“EBIT”), and/or adjusted EBIT, as a performance evaluation measure because interest expense is essentially related to acquisitions, as opposed to segment operations.

Our CPG reportable segment products are sold throughout North America and also account for the majority of our international sales. Our construction product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. Products and services within this reportable segment include construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, building envelope solutions, insulated cladding, flooring systems, and weatherproofing solutions.

Our PCG reportable segment products are sold throughout North America, as well as internationally, and are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. Products and services within this reportable segment include high-performance flooring solutions, corrosion control and fireproofing coatings, infrastructure repair systems, fiberglass reinforced plastic gratings and drainage systems.

Our Consumer reportable segment manufactures and markets professional use and do-it-yourself (“DIY”) products for a variety of mainly consumer applications, including home improvement and personal leisure activities. Our Consumer segment’s major manufacturing and distribution operations are located primarily in North America, along with a few locations in Europe and other parts of the world. Our Consumer reportable segment products are primarily sold directly to mass merchandisers, home improvement centers, hardware stores, paint stores, craft shops and through distributors. The Consumer reportable segment offers products that include specialty, hobby and professional paints; caulks; adhesives; silicone sealants and wood stains. Sales to The Home Depot, Inc. represented less than 10% of our consolidated net sales for fiscal 2020, 2019 and 2018, respectively. Furthermore, sales to The Home Depot, Inc. represented 26%, 29% and 28% of our Consumer segment net sales for each of the fiscal years ended May 31, 2020, 2019 and 2018, respectively.

Our SPG reportable segment products are sold throughout North America and a few international locations, primarily in Europe. Our SPG product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. The SPG reportable segment offers products that include industrial cleaners, restoration services equipment, colorants, nail enamels, exterior finishes, edible coatings and specialty glazes for pharmaceutical and food industries, and other specialty original equipment manufacturer (“OEM”) coatings.

In addition to our four reportable segments, there is a category of certain business activities and expenses, referred to as corporate/other, that does not constitute an operating segment. This category includes our corporate headquarters and related administrative expenses, results of our captive insurance companies, gains or losses on the sales of certain assets and other expenses not directly associated with any reportable segment. Assets related to the corporate/other category consist primarily of investments, prepaid expenses and headquarters’ property and equipment. These corporate and other assets and expenses reconcile reportable segment data to total consolidated income before income taxes and identifiable assets.

We reflect income from our joint ventures on the equity method, and receive royalties from our licensees.

The following tables reflect the results of our reportable segments consistent with our management philosophy, and represent the information we utilize, in conjunction with various strategic, operational and other financial performance criteria, in evaluating the performance of our portfolio of businesses.

Year Ended May 31,	2020			2019			2018
(In thousands)
Net Sales
CPG	$	1,880,105		$	1,899,744		$	1,837,280
PCG		1,080,701			1,136,119			1,088,606
Consumer		1,945,220			1,858,453			1,722,220
SPG		600,968			670,235			673,537
Total	$	5,506,994		$	5,564,551		$	5,321,643
Income (Loss) Before Income Taxes
CPG	$	209,663		$	178,823		$	174,032
PCG		102,345			77,388			112,614
Consumer		198,024			217,448			171,872
SPG		57,933			86,018			107,455
Corporate/Other		(160,201	)		(219,832	)		(148,925	)
Total	$	407,764		$	339,845		$	417,048
Identifiable Assets
CPG	$	1,622,632		$	1,573,329		$	1,531,485
PCG		925,569			951,644			974,104
Consumer		2,067,017			1,953,279			1,833,372
SPG		728,449			689,133			684,254
Corporate/Other		287,287			273,970			248,607
Total	$	5,630,954		$	5,441,355		$	5,271,822
Capital Expenditures
CPG	$	63,393		$	40,119		$	39,368
PCG		23,868			22,158			22,102
Consumer		47,331			45,039			38,341
SPG		21,610			28,006			14,213
Corporate/Other		1,077			1,435			595
Total	$	157,279		$	136,757		$	114,619
Depreciation and Amortization
CPG	$	46,491		$	44,150		$	41,538
PCG		23,850			27,116			21,394
Consumer		56,570			40,231			36,744
SPG		24,111			25,199			23,085
Corporate/Other		5,820			5,046			5,738
Total	$	156,842		$	141,742		$	128,499

Year Ended May 31, 2020	CPG Segment		PCG Segment		Consumer Segment		SPG Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	1,068,552	$	656,162	$	1,573,966	$	489,543	$	3,788,223
Foreign
Canada		159,986		71,689		116,424		8,354		356,453
Europe		418,249		247,904		195,783		74,162		936,098
Latin America		151,099		32,471		24,909		1,328		209,807
Asia Pacific		73,629		24,622		26,432		27,581		152,264
Other Foreign		8,590		47,853		7,706		-		64,149
Total Foreign		811,553		424,539		371,254		111,425		1,718,771
Total	$	1,880,105	$	1,080,701	$	1,945,220	$	600,968	$	5,506,994

Year Ended May 31, 2019	CPG Segment		PCG Segment		Consumer Segment		SPG Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	1,003,227	$	667,402	$	1,462,446	$	543,429	$	3,676,504
Foreign
Canada		181,089		82,897		117,305		8,908		390,199
Europe		477,761		251,600		213,466		86,197		1,029,024
Latin America		155,039		34,588		28,020		1,397		219,044
Asia Pacific		81,895		36,498		29,171		30,304		177,868
Other Foreign		733		63,134		8,045		-		71,912
Total Foreign		896,517		468,717		396,007		126,806		1,888,047
Total	$	1,899,744	$	1,136,119	$	1,858,453	$	670,235	$	5,564,551

Year Ended May 31, 2018	CPG Segment		PCG Segment		Consumer Segment		SPG Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	938,062	$	628,177	$	1,325,509	$	540,286	$	3,432,034
Foreign
Canada		166,600		83,607		106,460		8,682		365,349
Europe		485,583		241,639		221,484		91,712		1,040,418
Latin America		160,010		37,849		27,834		1,514		227,207
Asia Pacific		82,856		29,856		32,492		31,343		176,547
Other Foreign		4,169		67,478		8,441		-		80,088
Total Foreign		899,218		460,429		396,711		133,251		1,889,609
Total	$	1,837,280	$	1,088,606	$	1,722,220	$	673,537	$	5,321,643

Year Ended May 31,	2020		2019		2018
(In thousands)
Long-Lived Assets (b)
United States	$	2,146,333	$	1,859,628	$	1,807,046
Foreign
Canada		224,177		242,582		139,259
Europe		358,511		343,501		361,317
United Kingdom		252,185		217,414		230,071
Other Foreign		195,425		225,230		241,301
Total Foreign		1,030,298		1,028,727		971,948
Total	$	3,176,631	$	2,888,355	$	2,778,994